The companies' statement said the deal would save between $90 million and $120 million annually in efficiencies, including marketing. While the spokesman said it's possible the new company would use only one ad agency, no decision has been made.
GSD&M, Austin, Texas, has handled Pennzoil's $40 million account since 1996. Quaker State's $20 million account is handled by Leagas Delaney, San Francisco, following a review that ended this year.
Pennzoil will keep its oil exploration and production separate.
Copyright April 1998, Crain Communications Inc.